What is the 13F Pro Quality Score for THG?

13F Pro ranks HANOVER INSURANCE GROUP, INC. (THG) on the 13F Pro Quality Score, a 0–100 composite of 32 fundamental signals including return on invested capital, free cash flow consistency, balance-sheet strength, earnings quality, growth durability, and valuation discipline. The score refreshes after each 10-K and 10-Q filing on SEC EDGAR. View THG's current score at https://13fpro.ai/research/THG (free sign-up required for the full ranking).

Which hedge funds own the most THG stock?

Based on the most recent Form 13F-HR filings on SEC EDGAR, the largest reported institutional holders of THG include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET. Holdings are reported quarterly within 45 days of quarter-end and updated on https://13fpro.ai/research/THG as soon as new 13F filings post.

Where does 13F Pro source THG data?

All HANOVER INSURANCE GROUP, INC. fundamentals and ownership data come directly from SEC EDGAR. HANOVER INSURANCE GROUP, INC. files with the SEC under CIK 944695. 13F Pro ingests XBRL financial facts from 10-K and 10-Q filings, Form 13F-HR institutional holdings, and Form 4 insider transactions, with no third-party rewrites or estimates.

What sector is THG in?

HANOVER INSURANCE GROUP, INC. (THG) is classified in the Financials sector. 13F Pro publishes sector-level fund flow analysis and quality leaders at https://13fpro.ai/research/sector/financials.

What drives THG's revenue?

Per HANOVER INSURANCE GROUP, INC.'s latest 10-Q filed with the SEC on 2026-04-30, the biggest revenue drivers are: Premiums ($1,570.6M, +4.1% YoY); Net investment income ($126.9M, +19.6% YoY). Figures are extracted from the filing text and machine-verified against the document. Full breakdown at https://13fpro.ai/research/THG.

What are THG's largest expenses?

HANOVER INSURANCE GROUP, INC.'s latest 10-Q reports these as the largest expense items: Losses and loss adjustment expenses ($957.6M, +0.2% YoY); Amortization of deferred acquisition costs ($333.2M, +6.1% YoY); Other operating expenses ($162.7M, -1.6% YoY). Sourced directly from SEC EDGAR filing text for Q1 2026 (quarter ended March 31, 2026).

How often is THG research updated on 13F Pro?

THG's fundamentals refresh within hours of each new 10-K or 10-Q filing on SEC EDGAR. Institutional ownership updates after each quarterly 13F filing window. Insider transactions update after each Form 4 filing. The 13F Pro Quality Score recalculates after every fundamentals refresh.

HANOVER INSURANCE GROUP, INC.(THG)Stock Analysis

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13F Pro Quality Score

69.4/100

Rank #369 of 2,879 stocksTOP 25%

View Financials peers →

Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.

Revenue Growth

50.7/100

Profitability

76.7/100

Balance Sheet

63.3/100

Earnings Quality

97.5/100

Free Cash Flow

70.7/100

Institutional Flow

58.6/100

Revenue Scale

82.2/100

Dilution Risk

73.5/100

THG Stock Analysis & AI Quality Score

AI stock analysis and institutional research for HANOVER INSURANCE GROUP, INC. (THG), a Financials sector company. 13F Pro's AI-powered ranking engine scores THG at 69.4/100 on a 32-signal composite quality model, placing it at rank #369 of 2,879 stocks — the top 25% of the AI-ranked universe. THG scores in the top quartile across earnings quality (97.5), revenue scale (82.2), profitability (76.7). Based on the latest XBRL financial filings (Q1 2026), HANOVER INSURANCE GROUP, INC. reports quarterly revenue of $1.7B, net income of $186.8M, an operating margin of 14.7%. Top institutional holders of THG by reported 13-F value include BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, STATE STREET, based on the most recent SEC filings. THG trades on the NYSE exchange and files with the SEC under CIK 944695. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate THG daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for HANOVER INSURANCE GROUP, INC. directly from SEC EDGAR. HANOVER INSURANCE GROUP, INC.'s 13F Pro composite quality score has ranged between 43 and 70 since 2021, currently 69.4 — an improving long-term trajectory across 30 quarterly and live scoring snapshots.

What's Driving THG's Business? Latest 10-Q Breakdown

AI-extracted from HANOVER INSURANCE GROUP, INC.'s 10-Q filed 2026-04-30 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.

Net income surged 46% YoY to $186.8M, driven by $63.8M improvement in operating income on better underwriting results and higher investment income.

Biggest Revenue Drivers

Total revenue: $1,701.4M+6.1% YoY

Premiums$1,570.6M+4.1% YoY

Renewal price increases across Core Commercial, Specialty, and Personal Lines segments.

Net investment income$126.9M+19.6% YoY

Continued investment of operational cashflows and reinvestment at higher interest rates.

Largest Expense Items

Losses and loss adjustment expenses$957.6M+0.2% YoY

Current accident year losses of $1,031.4M offset by $73.8M favorable prior year development.

Amortization of deferred acquisition costs$333.2M+6.1% YoY

Higher earned premiums increased amortization proportionally.

Other operating expenses$162.7M-1.6% YoY

Allocations of corporate and general expenses based on net premiums earned.

Margins: Operating income before interest and taxes improved substantially to $250.2M from $186.4M YoY, reflecting better current accident year underwriting results and higher net investment income offsetting modest premium growth.

Watch Items from the Filing

Personal Lines PIF declined 2.2% YoY; decline driven by margin recapture actions taken in prior periods, mitigated by new business growth of 2.7% in net premiums written.
Catastrophe losses increased $3.3M YoY to $98.9M in Q1 2026, primarily from severe convective storms and winter storms across multiple states.
Holding company liquid assets of $256.9M (fixed maturities and cash) must cover ongoing shareholder dividends, debt service, and benefit obligations; no subsidiary dividends received in Q1 2026.
Gross unrealized losses on fixed maturities increased $31.3M to $298.5M, primarily driven by higher interest rates; 95% of portfolio remains investment-grade.

AI-extracted and verified against SEC EDGAR filing text. Not investment advice.

Read the full 10-Q on SEC EDGAR →Share on X

Revenue

Q1 2026

$1.7B

Net Income

Q1 2026

$186.8M

Free Cash Flow

Q1 2026

$115.3M

Operating Margin

Q1 2026

14.7%

D/E Ratio

Q1 2026

0.24

Revenue & Net Income

Earnings Per Share

Key Financials Over Time

Export Financial Table · Pro+

Revenue

+26.1% YoY

$6.59BFY 2025

FY19 $4.89BFY20 $4.82BFY21 $5.23BFY25 $6.59B

Net Income

+56.7% YoY

$662.5MFY 2025

FY19 $425.1MFY20 $358.7MFY21 $422.8MFY25 $662.5M

Operating Income

+115.8% YoY

$933.0MFY 2025

FY19 $453.6MFY20 $484.7MFY21 $432.3MFY25 $933.0M

EPS (Diluted)

+56.6% YoY

$18.16FY 2025

FY19 $10.46FY20 $9.42FY21 $11.60FY25 $18.16

Total Assets

+18.9% YoY

$16.95BFY 2025

FY19 $12.49BFY20 $13.44BFY21 $14.25BFY25 $16.95B

Total Debt

+55.9% YoY

$1.22BFY 2025

FY19 $653.4MFY20 $780.8MFY21 $781.6MFY25 $1.22B

Op. Cash Flow

+43.0% YoY

$1.18BFY 2025

FY19 $602.9MFY20 $707.6MFY21 $823.7MFY25 $1.18B

Metric	FY 2025	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Revenue	$6.59B +26.1%	$5.23B +8.4%	$4.82B -1.3%	$4.89B +8.8%	$4.49B +5.3%	$4.27B
Net Income	$662.5M +56.7%	$422.8M +17.9%	$358.7M -15.6%	$425.1M +8.7%	$391.0M +110.0%	$186.2M
Operating Income	$933.0M +115.8%	$432.3M -10.8%	$484.7M +6.9%	$453.6M +11.6%	$406.5M +24.2%	$327.3M
EPS (Diluted)	$18.16 +56.6%	$11.60 +23.1%	$9.42 -9.9%	$10.46 +15.1%	$9.09 +109.9%	$4.33
Total Assets	$16.95B +18.9%	$14.25B +6.0%	$13.44B +7.6%	$12.49B +0.7%	$12.40B -19.8%	$15.47B
Total Debt	$1.22B +55.9%	$781.6M +0.1%	$780.8M +19.5%	$653.4M -16.0%	$777.9M -1.1%	$786.9M
Operating Cash Flow	$1.18B +43.0%	$823.7M +16.4%	$707.6M +17.4%	$602.9M +9.4%	$551.3M -21.8%	$704.6M

AI Insight: THG Financial Trends

THG delivers consistent earnings recovery with net income rising from $40M in Q2 2024 to $198M in Q4 2025, though a debt spike to $1,280M in Q3 2025 warrants scrutiny.

• Net income surged from $40M in Q2 2024 to $198M in Q4 2025, a nearly 5x increase over six quarters.

• Operating income expanded from $95M in Q2 2024 to $289M in Q4 2025, reflecting sustained underwriting improvement.

• Revenue grew steadily from $1,537M in Q2 2024 to $1,701M in Q1 2026, a 10.7% cumulative increase.

• Equity strengthened from $2,552M in Q2 2024 to $3,570M in Q1 2026, reducing financial leverage over the period.

⚠ Total debt spiked from $784M to $1,280M in Q3 2025, a 63% jump — partially reversed to $844M by Q1 2026.

⚠ Operating cash flow is volatile, ranging from $39M in Q1 2025 to $554M in Q3 2025, signaling seasonal or reserve timing risk.

⚠ Q1 2026 net income dipped to $187M from Q4 2025's $198M — monitor whether seasonal softness persists into Q2 2026.

AI Insight: THG Ratio Trends

Hanover's profitability has recovered sharply from a weak Q2 2024 trough, with Q4 2025 delivering the strongest operating margin (17.3%) and ROIC (24.1%) in the observed period.

• Operating margin surged from 6.2% in Q2 2024 to 17.3% in Q4 2025, reflecting sustained underwriting improvement across six consecutive quarters.

• ROIC expanded from 11.4% in Q2 2024 to 24.1% in Q4 2025, before moderating slightly to 22.7% in Q1 2026.

• Net profit margin climbed from 2.6% in Q2 2024 to 11.9% in Q4 2025, demonstrating consistent bottom-line recovery.

• D/E ratio spiked to 0.37 in Q3 2025 before retreating to 0.24 in Q1 2026, suggesting the leverage increase was transient.

⚠ D/E jumped from 0.24 to 0.37 in Q3 2025 — a 54% spike in one quarter — warranting scrutiny of the underlying debt issuance.

⚠ Q1 2026 operating margin dipped to 14.7% from 17.3% in Q4 2025; monitor whether seasonal softness persists into Q2 2026.

⚠ ROIC moderated from 24.1% in Q4 2025 to 22.7% in Q1 2026 — still strong, but worth tracking for signs of sustained compression.

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Available Research

13F Pro tracks comprehensive data for HANOVER INSURANCE GROUP, INC. including:

SEC EDGAR filings (10-K, 10-Q, 8-K)

XBRL financial facts (revenue, EPS, margins)

Insider transactions (Form 4)

Institutional 13F holdings

Quality rankings (32 signals)

AI analyst debates & daily meetings

Historical financial trends

Peer comparison & sector analysis

Top Institutional Holders of THG

BlackRock, Inc.
$638.1M3,681,166 sh
VANGUARD PORTFOLIO MANAGEMENT LLC
$335.0M1,932,460 sh
STATE STREET CORP
$282.8M1,631,422 sh
VANGUARD CAPITAL MANAGEMENT LLC
$251.8M1,452,355 sh
AQR CAPITAL MANAGEMENT LLC
$175.4M1,013,395 sh
AMERICAN CENTURY COMPANIES INC
$173.8M1,002,527 sh
FULLER & THALER ASSET MANAGEMENT, INC.
$171.6M989,837 sh
DIMENSIONAL FUND ADVISORS LP
$168.2M970,177 sh
ALLIANCEBERNSTEIN L.P.
$152.0M831,545 sh
FIRST TRUST ADVISORS LP
$143.4M827,320 sh

Fund	Value	Shares
BlackRock, Inc.	$638.1M	3,681,166
VANGUARD PORTFOLIO MANAGEMENT LLC	$335.0M	1,932,460
STATE STREET CORP	$282.8M	1,631,422
VANGUARD CAPITAL MANAGEMENT LLC	$251.8M	1,452,355
AQR CAPITAL MANAGEMENT LLC	$175.4M	1,013,395
AMERICAN CENTURY COMPANIES INC	$173.8M	1,002,527
FULLER & THALER ASSET MANAGEMENT, INC.	$171.6M	989,837
DIMENSIONAL FUND ADVISORS LP	$168.2M	970,177
ALLIANCEBERNSTEIN L.P.	$152.0M	831,545
FIRST TRUST ADVISORS LP	$143.4M	827,320

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Is THG a good stock to buy?

13F Pro's AI-powered analysis of HANOVER INSURANCE GROUP, INC. (THG) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Financials sector (listed on NYSE). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for THG are available on the THG stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.

Which hedge funds own THG?

Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling THG. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of HANOVER INSURANCE GROUP, INC.'s investment landscape.